Coinbase Users Lose $45 Million in Social Engineering Scams

Coinbase users have been targeted by social engineering scams, resulting in a reported $45 million stolen in just one week. This alarming figure highlights a growing concern within the crypto community, as these scams continue to plague users of the platform. The issue has been tracked by on-chain detective ZachXBT, who has noted that Coinbase is uniquely vulnerable to such attacks compared to other major exchanges.

ZachXBT's findings suggest that the $45 million lost in the past seven days is part of a broader trend, with an estimated $330 million lost annually due to social engineering tactics. These scams often involve sophisticated methods to trick users into handing over their private information or transferring funds to scammers posing as legitimate support staff or crypto services.

The FBI has also issued multiple warnings about scammers targeting crypto users, highlighting the severity of the issue. In one high-profile incident from 2024, scammers posing as Coinbase support staff managed to steal $1.7 million from a single user. The FBI’s warnings have since expanded, with specific mentions of North Korean state-backed hacking groups using fake job offers and malicious software to deceive users into giving away funds.

More recently, in March 2025, scam emails imitating legitimate communication from exchanges began flooding inboxes, urging users to withdraw their funds to external wallets. This escalation has prompted Coinbase’s chief security officer, Phillip Martin, to call for more streamlined methods to report and combat scams. Martin suggested that a unified system for tackling scams could help curb the growing crisis.

The recent surge in scams targeting Coinbase users underscores the need for enhanced security measures and user education. The crypto community must remain vigilant and proactive in identifying and reporting suspicious activities to mitigate the risk of falling victim to these scams.